The transaction values Circle at $4.5 billion and comes on the heels of Circle’s $440 million fundraise, completed in May, – the largest venture round ever raised by a crypto startup. The transaction is expected to close in the fourth quarter of 2021, subject to approval by shareholders of Concord and Circle and regulators. Existing Circle shareholders will maintain approximately 86% ownership interest of the public company. The asset now stands at $25 billion in circulation and the company claims it has supported more than $785 billion in on-chain transactions. Allaire says Circle “will provide greater transparency into the USDC reserves” as it begins the public filing process.

Source: Forbes July 08, 2021 13:17 UTC